Archtop Fiber secured nearly $200 million in new capital to support its aggressive market expansion plans in the Northeast. This new credit facility was agented and led by Chicago-based Monroe Capital.
The partnership with Monroe and co-investors represents a significant achievement for Archtop and demonstrates continued support from Post Road Group and its existing investors, who are determined to continue to scale the platform. Archtop is a portfolio company of Post Road Group, an alternative asset manager with an investment strategy focused on providing growth capital to digital infrastructure businesses. The investment from Monroe enables immediate expansion projects and lays the foundation for future capital funding opportunities at a critical time when Archtop’s expansion and company profile are growing throughout the region and industry.
‘Generational Platform in Fiber Broadband’
“We are thrilled to secure this substantial source of funding, which will accelerate our ability to scale and reach new markets,” said Jeff DeMond, Chairman and CEO of Archtop Fiber. “This partnership with Monroe represents a strong vote of confidence in our business strategy and growth potential.”
“We believe Archtop Fiber is building a generational platform in fiber broadband by combining a world-class leadership team with a compelling strategy to serve overlooked communities,” said Andrew Runk, Managing Director at Post Road Group. “This capital raise is a testament to the Company’s execution to date and positions Archtop to accelerate its impact across the Northeast.”
“The Archtop platform is a major catalyst for digital transformation on the East Coast. Monroe’s Alternative Credit Solutions team is proud to complete another deal with Post Road Group and support the Archtop team,” said Kyle Asher, Managing Director and Co-Head, Alternative Credit Solutions of Monroe.
Archtop’s long-term goals are to continue expanding its footprint and enhancing its service offerings, which the new capital infusion will support. As expansion continues, Archtop remains committed to providing the fastest, most reliable and most environmentally friendly fiber Internet to homes and businesses in overlooked and underserved communities, in addition to providing value to its partners and stakeholders.
Public Investment Also Spurring Growth
Archtop Fiber’s growth strategy does not rely solely on private investment. The company is also leveraging public investments in broadband initiatives to serve its mission of bridging the digital divide. Archtop has a Memorandum of Understanding with Sullivan County, New York, to deliver multi-gig fiber in the county, and in November, New York Gov. Kathy Hochul and U.S. Sens. Charles Schumer and Kirsten Gillibrand announced Sullivan County would receive $30 million through the ConnectALL Municipal Infrastructure Grant Program, enabling Archtop to extend broadband infrastructure further.
In March, Massachusetts Gov. Maura Healey announced that Archtop Fiber will be among the recipients of $10.4 million in grants to improve Internet access in public and affordable housing, bringing better connectivity opportunities to underserved communities throughout the state.
To read the full announcement, click here.
